Google chairman Eric Schmidt to sell shares worth £1.6bn

Google chairman Eric Schmidt is reportedly planning to sell almost half of his shares in the company.

Schmidt is selling 3.2 million of the 7.6 million shares he owns, according to The Guardian. With shares worth $785.37 each on Friday (February 8), the former CEO's sale would be valued at £1.6bn ($2.5bn).

Google disclosed details in a filing with the US Securities and Exchange Commission and stated that the sale would be spread out across a year so as not to impact upon the company's share price. The filing cited that Schmidt would benefit from being able to "diversify his investment portfolio".